Just south of downtown Knoxville and the University of Tennessee, the largest undeveloped tract of land close in and suitable for a large housing project has become available.

1000 Cherokee Trail is a 98 acre (+ or -) parcel located within two miles of Downtown Knoxville, The University of Tennessee, and the University of Tennessee Medical Center.

ut condo site

In the lower left of the photo above is a current condo project that will be around 300 units when completed. These 2,3 & 4 bedroom units are sold out in phase one at a price range of $150,000 to just over $200,000. At a density of 4.5 to 5 units per acre 1000 Cherokee Trail could support between 450 to 500 units.

The nearby University, the hospital, and Downtown Knoxville can supply the demand. Student condos have become a hot market again and an upscale project like this could easily be slanted to appeal to a multi-generational market of students, hospital employees, new physicians doing their residency, as well as downtown workers wanting the convenience of close proximity as well as the opportunity to bike or even walk to work avoiding a long automobile commute.

The City of Knoxville and the Tennessee is current adding an ‘outrigger’ bridge onto the existing bridge across the Tennessee River on Route 129, Alcoa Highway. Alcoa Highway is the gateway to the UT campus and it’s hospital. This add-on bridge lane will be exclusively for pedistrian and bike traffic; a natural for the student market.

Priced at $3,000,000 that’s around the $30,000 an acre range; definitely in the budget range for an upscale project of this magnitude.

Cherokee Trail

In the above photo Downtown Knoxville and the University of Tennessee Campus is on the left, just across the Tennessee River. The UT Memorial Medical Center is just out of the photo at the bottom left. The current condo project is in the foreground with the 98 acre 1000 Cherokee Trail tract just above it and slightly to the right.

No less than the New York Times recently ran a great article describing the upcoming development potential along and near the South Knoxville waterfront.